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Consolidated Tomoka Land Company (CTO) has reported 794.66 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.75 million, or $2.27 a share in the quarter, compared with $1.42 million, or $0.25 a share for the same period last year. Revenue during the quarter surged 110.92 percent to $38.71 million from $18.35 million in the previous year period.
Cost of revenue surged 147.78 percent or $7.22 million during the quarter to $12.11 million. Gross margin for the quarter contracted 465 basis points over the previous year period to 68.72 percent.
Total expenses were $15.86 million for the quarter, up 32.63 percent or $3.90 million from year-ago period. Operating margin for the quarter expanded 2419 basis points over the previous year period to 59.02 percent.
Operating income for the quarter was $22.85 million, compared with $6.39 million in the previous year period.
For financial year 2017, the company projects basic earnings per share to be in the range of $2.25 to $2.45.
Revenue from real estate activities during the quarter surged 128.56 percent or $20.56 million to $36.55 million. Revenue from sale of real estate was $29.47 million for the quarter, up 208.28 percent or $19.91 million.
Income from operating leases during the quarter rose 10.02 percent or $0.64 million to $7.07 million.
Other income during the quarter was $1.63 million, up 9.85 percent or $0.15 million from year-ago period.
John P. Albright, president and chief executive officer, stated, "We are very pleased with the Companys performance in the first quarter, clearly reflecting the continued execution of our business plan and strategy, particularly the progress we have made monetizing the Companys land holdings including the closing of the first Minto contract for more than $27 million in sales proceeds and the successful deployment of those proceeds, utilizing the 1031 exchange structure, into the acquisition of four income properties.
Real estate inventory stood at $44.44 million as on Mar. 31, 2017. Accounts payable stood at $1.99 million as on Mar. 31, 2017.
Total assets stood at $414.94million as on Mar. 31, 2017. On the other hand, total liabilities were at $256.90 million as on Mar. 31, 2017.
Return on assets was at 3.57 percent in the quarter. At the same time, return on equity was at 8.07 percent in the quarter.
Total debt was at $156.81 million as on Mar. 31, 2017. Shareholders equity was at $158.04 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.99 percent in the quarter.
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